Growing Up: The Social and Economic Implications of an Aging Population

The Canadian population is aging more rapidly than ever before, and that trend has widespread implications for a number of different aspects of our society. CGA-Canada’s latest report, Growing Up: The Social and Economic Implications of an Aging Population, explores the possible impact of an aging population using data gathered from demographic experts in government, the private sector, and not-for-profit organizations.

Findings are presented in the areas of health systems pressures, labour supply concerns, intergenerational relationships, and social and private income security programs. Significant issues raised include a $70 billion increase in the cost of health care over the next 20 years, a workforce that is aging at an ever-increasing rate, and a shrinking net worth for younger Canadians.

Along with the statistical findings in the report, CGA-Canada also provides recommendations for alleviating pressures caused by this aging trend. Highlights include the creation of a seniors’ health account; the elimination of mandatory retirement; phased-in retirement options; increased personal retirement financial planning; and a national dialogue on ethical issues around dying.